HB 626 – Realistic Evaluation of Actuarial Liabilities

HB 626 – Realistic Evaluation of Actuarial Liabilities

Primary Sponsors: Rep. Alan McNeill (R-Alamance) Rep. Stephen Ross (R-Alamance)

Bill Summary

This bill requires stress testing for teacher’s and state employees retirement system. The bill also amends the pension solvency fund.

The bill states that any unencumbered balance in excess of prepaid premiums or charges in the Public Employee Health Benefit Fund shall be paid in the following order:

  • First, to provide actuarily determined Health Benefit Reserve Fund for incurred but unpresented claims
  • Second, an amount determined by the State Treasurer, subject to approval by the Board of Trustees, that does not exceed 50% of any unencumbered balance remaining after providing for incurred but unpresented claims may be transferred to the Retiree Health Benefit Fund.
  • Third, to reduce the premiums required in providing the benefits programs
  • Fourth, to improve the plan, as may be provided by the State Treasurer, subject to approval by the Board of Trustees

Bill Movement

This bill was filed on April 4, 2019.

 
 

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